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. >>> are other big story, a nation on the brink. lawmakers have little more than a week to raise the spending limits and cut the deficit. >> with no deal, both sides are preparing back up plans and international markets are reeling. philip stewart is live on capitol hill with the latest. >> good morning. the house speaker is expected to release his plan today. already the debate this morning is focusing not just on the taxes and spending that we have heard so much about, but on how long the plan would last. this morning house speaker john boehner was focusing on a short- term approach, cutting spending by $1 trillion and raising the debt ceiling by about the same. >> i would prefer to have a bipartisan approach to solving the problem. if that's not possible, i and my republican colleagues in the house are prepared to move on our own. >> his plan only allows the government to pay bills three early next year. if >> a short-term extension to the debt ceiling will jeopardize our economy. the speaker is ignoring the warning. >> senator patton minority leader and -- the senate minority leader, harr
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